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Argument: US offshore drilling will improve confidence, futures, and prices

Issue Report: US offshore oil drilling

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James Hackett, president & CEO of Anadarko Petroleum, “Well I think that the price would adjust actually as soon as you started drilling it. There’s a psychology with regard to speculative elements in any commodity market, whether it’s grains, or metals, or oil and gas. If the world really felt that there were plenty of places to go look for oil and gas, the markets would start trading as if that were a reality. Today it’s quite the opposite reality, especially with the geopolitical elements overlaying that. So, every time we say to the world, ‘We want energy security, but we want you to produce it, and we’re not going to do anything,’ the elements in the trading community say, ‘well that means that access is getting tougher.’”[1]

Mark Hemingway. “Drilling in the Offshore Unleashing the oil companies.” National Review. 17 July 2008 – Saying offshore drilling won’t bring down gas prices is demonstrably wrong. The price of gas dropped significantly upon Bush’s word that more domestic offshore drilling was one small step closer to becoming a reality. How much more will it drop if we actually start drilling and producing oil?